In the next three months, Time Inc. will slash 280 jobs, whittling away at iconic titles like Sports Illustrated, Essence, and People. Time also underwent a big round of cuts in early 2007, but this is still major news. Why is it going over so quietly, especially in light of the wave of Condéfreude last month?According to documents filed with the New York State Department of Labor unearthed by Media Decoder, Time Inc. plans on laying off 280 employees in New York between November 2 and January 31. This is less than the 400-500 layoffs previous estimated by Media Decoder, and comprises about 3% of Time Inc.’s 9000 employees, but it’s still a body blow. This could be a canny move if the company is planning on getting webbier — and maybe even remerging with AOL — but its constrictive effects will no doubt ripple through the industry.

Details are still murky, but small-ish mag Fortune Small Business will close down entirely, and Sports Illustrated, People, Essence, and Entertainment Weekly will definitely face staff cuts. Gawker’s Ryan Tate reports that “Time Inc. will offer those who accept buyouts an additional 13 weeks of pay — three months! — in addition to two weeks of pay for every year of service.”

The contrast between the muted reaction to Time’s layoffs and the tooth-gnashing, garment-rending reaction to Condé Nast’s layoffs is revealing. News of Condé’s McKinsey audit provided a steady drumbeat of schadenfreude and vague dread throughout the summer. When Condé bit the bullet in October and announced that it was shuttering four magazines and it was reported that about 180 Condé employees were getting laid off, days of op-eds and condolences followed.

The closure of Gourmet, a beloved, authoritative 68-year-old title, had a lot to do with that; Fortune Small Business just doesn’t get the same sort of love. But more broadly, Condé is seen as a symbol of magazine work as a patrician undertaking. Even talk of minor budget cutbacks at Vogue or Vanity Fair, much less The New Yorker, sets off swoons and cackles among columnists, bloggers, and the Gawker commenting set. Time Inc. just doesn’t seem to have the same cachet. But that doesn’t lessen the collective loss to journalism as a large industry — and to the lives of its staffers — posed by its latest layoffs.